Initial Statement of Beneficial Ownership (Form 3)

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Multicoin Capital Management, LLC 2. Date of Event Requiring Statement (Month/Day/Year) 09/10/2025 3. Issuer Name and Ticker or Trading Symbol Forward Industries, Inc. [FORD] (Last) (First) (Middle) 501 WEST AVENUE, SUITE 3901 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) __X__ Other (specify below) Director by deputization 5. If Amendment, Date Original Filed (Month/Day/Year) (Street) AUSTIN, TX 78701 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Multicoin Capital Management, LLC 501 WEST AVENUE, SUITE 3901 AUSTIN, TX 78701				Director by deputization

Signatures

MULTICOIN CAPITAL MANAGEMENT, LLC By: /s/ Pyahm Samani, Managing Partner		09/12/2025
**Signature of Reporting Person		Date

Explanation of Responses:

No securities are beneficially owned
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Remarks: In addition to Multicoin Capital Management, LLC, a Texas limited liability company ("MCM LLC"), this Form 3 is being filed jointly by Multicoin Capital Master Fund, LP, a Cayman Islands limited partnership ("MCMF LP"), Pyahm Samani, a citizen of the United States of America ("Mr. Samani"), and Tushar Jain, a citizen of the United States of America ("Mr. Jain") (collectively, the "Reporting Persons"). MCM LLC is the investment advisor to MCMF LP. Mr. Samani and Mr. Jain each are a managing partner of MCM LLC. On September 6, 2025, the Issuer entered into a Securities Purchase Agreement with certain investors in a private investment in public equity investment, pursuant to which Mr. Samani was appointed a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be deemed directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934. No securities are beneficially owned by any of the Reporting Persons.

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